Anchorage Digital and Ethena Labs team up to launch first GENIUS-compliant stablecoin in the US

Anchorage Digital and Ethena Labs have teamed up to launch USDtb, which the companies tout as the first stablecoin tailored to comply with the newly enacted GENIUS Act in the US, according to a Thursday press release.

The initiative will utilize Anchorage Digital’s stablecoin issuance platform, enabling institutions to launch and distribute regulated digital dollars. USDtb, currently issued offshore, will be issued in the US by Anchorage Digital Bank, the first and only federally chartered crypto bank in the country.

“The passage of the GENIUS Act provides the regulatory clarity that enables federally regulated institutions like Anchorage Digital Bank to fully participate in the stablecoin ecosystem,” said Nathan McCauley, CEO and co-founder of Anchorage Digital. “We’re proud to support Ethena in bringing their product to the U.S.—helping deliver even greater transparency and confidence to their partners.”

Ethena Labs CEO Guy Young expressed confidence that GENIUS compliance would enable partners and holders to broaden USDtb’s adoption across new products and platforms, noting that demand for the stablecoin is already strong.

Ethena Labs, the firm behind the USDe stablecoin, is backed by major players including Fidelity, Franklin Templeton, Dragonfly, Binance Labs, Bybit, and OKX. USDe has surpassed $6 billion in total value locked, making it the third-largest USD-denominated crypto asset.

Anchorage Digital, valued at over $3 billion in its Series D funding round, is supported by investors including Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa.